August 12, 2020

BGC lifts suspension of Triplebet

BGC lifts suspension of  Triplebet

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The British Gambling Association (BGC) has lifted Triplebet’s remote operating license after the latter “implemented the remedial measures required.” Triplebet operates sports betting exchange Matchbook.

The Gambling Association had suspended Triplebet’s pool betting, betting intermediary and remote casino licenses back in February under Section 116 of the 2005 Gambling Act.

However, the regulator updated its notice of Triplebet’s suspension on Friday (August 7) to announce that it had been lifted due to the operator having “implemented the remedial measures required.”

Matchbook posted a message up on its site suggesting that the business may return to operation in a matter of days.

“We’re pleased to announce that our license suspension has been lifted and we are working hard to get the site back up and running as soon as possible,” it said. “We can’t wait to welcome you all back to Matchbook in the coming days.”

The BGC revealed in April that it suspended the operator’s license after having identified serious violations in areas such as anti-money laundering (AML) controls, due diligence checks into syndicates and social responsibility protections after a two-year review of the business.

Triplebet’s Failings

Among the violations the regulator found were a case of a player who deposited a large amount of money and then withdrew it on the same day without gambling any of it, with no monitoring or intervention from Matchbook. In another case, a different player gambled over £2 million in a single day but did not undergo any source of funds or source of wealth inspections.

In addition, Triplebet also allowed account-to-account money transfers, which the BGC explained was “an obvious risk for money laundering”. The Commission said Triplebet was unable to show a record of any account-to-account transfer that was refused.

As part of the Gambling Commission’s conditions to lift the suspension, the operator was instructed to produce a report from independent auditors proving it had implemented the outstanding recommendations of the consultants.

The recommendations, which were provided by Alavarez and Marsal, featured new policies for the fair treatment of customers, the establishment of a new compliance committee, the development of a new responsible gaming algorithm, and step towards GAMCARE’s Safer Gambling Standard certification.

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